The purpose of this document is to set out the basis of the way in which we conduct our business with our clients.

What follows is a summary of the principles and practices, which govern the way we operate.

Our Service

SGY Insurance Services Ltd is an insurance intermediary acting on your behalf as your agent in arranging your insurance cover.  We are authorised and regulated by the Financial Services Authority (FSA).  The Financial Services Authority regulates the conduct of general insurance intermediaries with the aim of ensuring that, among other things, customers are treated fairly.  You can check our details on the FSA register by visiting the FSA’s website http://www.fsa.gov.uk/register, or by contacting the FSA on 0845 606 1234.  Our FSA registration number is 308022.

Our service includes advising you on your insurance needs, arranging your insurance cover with Insurers to meet your requirements and helping you with any ongoing changes you may need to make.  We will select your insurance policy from a range of Insurers.  Our aim is to ensure that you have the correct product to meet your needs. We want you to be aware of not only the cover that is provided, but also any restrictions or exclusions.

Duty of Disclosure

It is essential that you disclose accurately all facts, which could influence acceptance of any insurance proposal, or the terms that would be applied. Your attention is particularly drawn to the importance of the declaration and signature on the proposal form. The insurer is not required to make enquiries; the onus falls upon you as the insured. If any information is omitted or misrepresented then this could invalidate your insurance cover and could mean that part or all of a claim may not be paid.

The duty of disclosure arises when the insurance is first taken out and also every time you renew or amend it. The policy may also include a requirement to advise the insurer of changes throughout the term of the policy.

If you are unsure whether a fact is material or not, it should be disclosed.

Cancellation and Refund of Premiums, Commission and Fees

You will find full details of your cancellation rights, and any related charges, which may be levied by your Insurer, in the documentation, produced by your Insurance Company.  In general Retail customers (as defined by the FSA) will have 14 days to cancel their policy with effect from the later of;  (a) the day they receive the full terms and conditions of their policy, or;  (b) the day the policy is sold.  In either case this does not apply to policies of less than one month’s duration, or single trip travel policies.

Please note that the above is by way of general guidance only.  Cancellation rights vary between Insurers and you must make specific reference to your Insurer’s documentation if you are considering cancelling your policy.

If you are a Retail customer and you exercise your right to cancel your policy within the 14-day cancellation period you will be charged for the period during which you were temporarily covered, and other charges may be applied to cover the Insurer’s and our costs in arranging the cancelled policy.  Where cancellation occurs in any other circumstances (such as after the expiry of the 14 day cancellation period if you are a Retail customer or at any time for all other types of customers and policies), we will charge you for the commission we would have received had the policy remained in force for the full term, together with any Fee we may have charged when we sold or renewed your policy.

Confidentiality and Data Protection

All information about you will be treated as private and confidential. We will only use and disclose the information about you in the normal course of arranging and administering your insurance. We may pass information about you to credit reference agencies for the purpose of arranging payments by instalments. Under the Data Protection Act 1998 you have rights of access to any personal information we hold about you in our records.

Information about the proposed insurance

We will endeavour to ensure that:

1]             We provide you with comprehensive

information early enough for you to make an informed decision about the insurance being proposed;

2]             We explain to you the differences in and the

relative costs of the types of insurance that we

think will suit your needs;

3]             We explain the key features of the insurance

proposed including: the essential cover and    benefits any significant or unusual restrictions, exclusions, conditions or obligations the period of cover;

4]             If we are unable to match your requirements,

we will explain the differences between those requirements and the insurance we are proposing.

Confirmation of Cover

We will provide you with cover notes and/or written confirmation that cover has been put in place, including the terms of the insurance[s] and the insurers involved.

We expect you to review all information upon receipt and to let us know immediately if the details of the cover do not meet your approval, or do not reflect the instructions previously given to us, and particularly if any cover you require is excluded.

Payment of Premium

We will notify you of premiums due to insurers by sending you an invoice once we have finished arranging your insurance. Premiums are due from the moment the insurance comes into force. So that we can settle with insurers promptly, we ask that you pay premiums due within the terms specified on the invoice or covering letter this will normally be immediately.

Subject to status you may be able to spread your payments through Insurer’s instalment schemes or a credit scheme which we have arranged with a finance provider on your behalf. We will give you full information about your payment options when we discuss your insurance in detail. For Commercial Customers, we will agree the method of payment when arranging the insurance.

How we hold premiums

In the pursuit of financial prudence and in accordance with the regulations laid down by the FSA all monies received from, or on behalf of a client as insurance monies, are identified as such and retained in a segregated statutory account separated from the everyday business monies of SGY Insurance Services Ltd.  It is confirmed by our bank that they have no right of set-off or counterclaim against any money in that account in respect of any sum owed to it on any other account of the firm.

Costs and Remuneration

We will:

1]             Provide details of the premium costs of each of

the policies offered.

2]             Be paid for arranging the insurance in the form

of commission or brokerage paid to us by the

insurers, unless we have an arrangement with

you that our services are provided for an agreed

fee, or a combination of both

3)             The following charges will be made for handling your insurance:

Retail customers will be charged £10 for:

*  searching for and arranging a new policy

*  renewing your policy

*  changes to a policy mid-term

Commercial customers will be charged £25 for:

*  searching for and arranging a new policy

*  renewing your policy

The charge is reduced to £10 for commercial vehicle policies.

Where you are a Commercial customer with a premium in excess of £2,500 the above charges will not apply but a separate fee may be agreed.

All customers will be charged £10 for issuing duplicate documents.

4]             As well as brokerage or commission or an agreed

fee, as appropriate, we may be entitled to benefit

from: any earnings we are able to generate due to the amount of business placed with insurers and any earnings we are able to generate through management of cash balances held on behalf of insurers.

Claims                                               

It is essential that we are notified immediately of any claims, or circumstances which could give rise to a claim. When you notify us, you must include all material facts concerning the claim. Your policy wordings will describe in detail the procedures and conditions in connection with making a claim.

We will provide a claim handling service and will:

-          give you guidance on pursuing a claim under the policy, if required;

-          handle claims fairly and promptly and keep you informed of their progress;

-          inform you in writing if we are unable to deal with any part of a claim;

-           account to you without avoidable delay, once a claim has been agreed and settled

Money Laundering and Proceeds of Crime Act

We are obliged to report to the National Criminal Intelligence Service any evidence or suspicion of money laundering at the first opportunity and we are prohibited from disclosing any such report.  Claims payments will be made in favour of you.  If you require a payment to be made to a third party then you must confirm the required payee name and details and provide a brief explanation for your request.

Complaints

Our objective is to provide a high standard of service to you at all times.  However, we recognise that things can go wrong occasionally and when this occurs we are committed to resolving matters promptly.  If you do need to make a complaint about our service please contact us in one of the following ways:

·          by telephoning us between 9.00 a.m. and 5.00 p.m. Monday to Friday (excluding bank holidays);  or

·          in writing directed to the Managing Director at the address shown in the cover letter which accompanies these Terms.

In line with our Complaints Procedure, we will formally log the complaint and refer the matter to a senior staff member who will be independent from the person about whom you are complaining.  All complaints will be acknowledged in writing within 5 working days of receipt.  We will inform you who is dealing with the complaint and when you can expect a response.  We will provide you with a full written response within 20 days.  If we are unable to resolve the complaint within this period, we will explain the current position and provide you with a timescale for a full response.

Our Complaints Procedure does not affect your statutory rights.  If you are an individual buying insurance in a private capacity, or an organisation with a turnover up to £1m and you are unhappy with the decision we arrive at, you may refer your complaint and our decision to the Financial Ombudsman Service, an independent dispute resolution body.

Financial Services Compensation Scheme (FSCS)

We are covered by the FSCS.  You may be entitled to compensation from the scheme if we cannot meet our obligations.  This depends on the type of business and the circumstances of the claim.

Insurers advising and arranging is covered for 100% of the first £2,000 and 90% of the remainder of the claim, without any upper limit.

For compulsory classes of insurance, Insurers advising and arranging is covered for 100% of the claim, without any upper limit.

Further information about compensation scheme arrangements is available from the FSCS.